INFONAVIT's IDRs remain aligned with the sovereign's and reflect the
high probability that the entity will receive support from Mexico's
federal government if needed, although there is no explicit guarantee.
The ratings also consider the high importance of INFONAVIT as the main
mortgage lender in Mexico.

RATING SENSITIVITIES

Any movements on the sovereign rating, which currently has a Stable
Outlook, would trigger changes to INFONAVIT's IDRs. INFONAVIT's ratings
could change (reflecting its intrinsic financial profile) if Fitch
perceives a decrease in its strategic importance to the federal
government. In Fitch's view, this scenario could take place only over
the medium term, once the housing deficit in Mexico is fulfilled.

SUPPORT AND SUPPORT RATING FLOOR

KEY RATING DRIVERS

Fitch affirmed INFONAVIT's Support rating and Support rating floor at
'2' and 'BBB+', respectively, given the entity's role in Mexico. Fitch's
support rating floors indicate a level below which the agency will not
lower the entity's long-term IDRs as long as the assessment of the
support factors does not change.

RATING SENSITIVITIES

A potential upgrade or downgrade of INFONAVIT's Support rating and
Support rating floor would be driven by a change in Mexico's sovereign
rating and/or a change in the expected propensity of support from the
Mexican government.

CREDIT PROFILE

INFONAVIT was created by the Mexican government in 1972, as an
autonomous entity with fiscal authorities focusing to provide housing
solutions specially to low income workers in the private sector. The
institute is also part of the National Pension Fund System (SAR) since
1992.

As of December 2013, INFONAVIT's gross loan portfolio amounted MXN
917,790.7 million (USD 70,186.3 million), and it was integrated for 4.2
million of loans.

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DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
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RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY
CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH
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